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NEW YORK CITY-Ten residential and retail properties, which total 253,000 sf, are on the market. The properties are located on and around Second Avenue in the East Village and are priced at an asking rate of $157.5 million.

Eastern Consolidated's vice chairman Brian Ezratty, together with Scott Ellard of financial services, is marketing the portfolio. Although Ezratty tells GlobeSt.com that he would prefer not to name the seller, he does say that "it is a consortium of a half dozen New York owner operators who are selling after buying and upgrading the properties a few years ago," he says. "They have upgraded it, improved its financial performance, made several capital improvements and now they want to take advantage of strong market fundamentals."

The city remains the strongest real estate market in the US, Ezratty explains. "Property values in Manhattan are continuing to remain strong, and developers still compete to be in this market because the demand for new housing has not abated."

Ezratty continues that "this offering represents a unique opportunity to purchase a large package of New York City residential and retail assets with below market rents, containing a prime retail component." Ezratty tells GlobeSt.com that Fred Wilpon used to own the portfolio and gave it the name Clearwater. The Clearwater Portfolio consists of the following addresses on Second Avenue including: 141-143; 145; 147-149; 151-153; 156-158, 157, as well as 24 St. Mark's Pl., 111-115 E. 7th St., 213-215 E. 4th St., and 244 E. 21st St.

Instant Insights /

10-Building Portfolio Could Fetch $158M

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